CITI has cut the likelihood of Greece leaving the euro in the next 12 to 18 months from 90pc to 60pc. In a note to clients, Citi said the change was "mainly due to a change in the attitude of euro core members towards it". "Politicians probably fear its negative effects on upcoming elections in Germany and a diminished economic resilience in the rest of Europe to a shock like a Grexit. We now estimate the additional money needed to keep Greece afloat in 2013 is relatively small and, hence, fairly easy to find without another difficult approval of support needed from core euro countries." The bank, however, still believes that unless Greece gets a writedown on its debts, it still will end up leaving the single currency.
Boost for Samsung in Apple dispute
A federal appeals court has sided with Samsung Electronics in one aspect of its ongoing patent dispute with Apple. The Washington, DC-based US Court of Appeals for the Federal Circuit on Thursday overturned a judge's order blocking Samsung from selling its Galaxy Nexus smart phone pending a patent lawsuit by Apple. Apple accuses Samsung of stealing its smartphone and tablet computer technology. A jury in September agreed with the company and ordered Samsung to pay $1bn (€771m). Samsung has moved to set the judgment aside.
Record profit for JPMorgan Chase
JPMORGAN Chase & Co reported higher third-quarter profits as the largest US bank made more home mortgage loans. JPMorgan Chase, the biggest bank by assets in the US, has reported a record third-quarter profit. The bank said it made $5.7bn in the three months from July to September, shooting up 34pc from the same time a year ago. Earnings were $1.40 per share, far exceeding the $1.21 predicted by analysts.
Earnings jump at Wells Fargo
WELLS Fargo posted record earnings in the third quarter as higher fees and trading profits boosted the bank's revenue. Wells, the biggest mortgage lender in the US, expanded its loan portfolio by increasing loans to consumers. More homeowners also refinanced at record-low mortgage rates. The bank's net income in the quarter to the end of September 30 rose 23pc, to $4.72bn from $3.84bn the same time last year. That amounted to 88 cents per share, a cent higher than the average estimate of analysts.